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Rambler Metals Receives CDN$2 Million Repayable Contribution From the Government of Canada
Nov. 08, 2016 09:21AM PST
Base Metals Investing Rambler Metals and Mining (TSXV:RAB,AIM:RMM) has received a repayable contribution of CDN$2 million through the Atlantic Canada Opportunities Agency’s Business Development Program. As quoted in the press release: The interest free contribution is unsecured and repayable over eight years with the first repayment scheduled for May 2018. The contribution by the Government of Canada will …
Rambler Metals and Mining (TSXV:RAB,AIM:RMM) has received a repayable contribution of CDN$2 million through the Atlantic Canada Opportunities Agency’s Business Development Program.
As quoted in the press release:
The interest free contribution is unsecured and repayable over eight years with the first repayment scheduled for May 2018. The contribution by the Government of Canada will be used to increase capacity at the Nugget Pond copper concentrator (the ‘mill’) to at least 1,250 metric tonnes per day (‘mtpd’). This increase in mill capacity will enable the copper concentrator to accommodate an increase in production from the mine with new projected mine life of over 20 years.
The Phase II expansion will allow the operation to increase production and lower unit costs thereby strengthening the Company’s ability to be a long term producer in the region. Once fully executed, the project will support upwards of 200 full time positions including contract services.